OneTrust

In June, OneTrust confirmed layoffs impacting 950 employees, or about 25% of its workforce as part of a reorganization, despite record quarters and increasing customer demand.

That’s according to Kabir Barday, OneTrust’s CEO.

“It is one of the most difficult decisions I’ve had to make as a leader,” Barday said in a blog. “My responsibility is to ensure OneTrust thrives and is positioned for sustained growth, and unfortunately, reducing our headcount and adapting to the capital markets sentiment is what is needed to keep us in our leadership position.”

In an email sent to employees, Barday acknowledged news of the layoffs is surprising. That’s because employees last month heard the business is “on track with record quarters and increasing customer demand.”

“However, capital markets sentiment shifted to a more balanced approach between growth and profitability,” he said. “And at this time, we have decided the best course of action is to reorganize to position OneTrust for continued long-term success. It is my role as CEO to ensure that OneTrust continues to thrive.”